Check the appropriate box to designate the
rule pursuant to which this Schedule is filed:

¨

Rule 13d-1(b)

x

Rule 13d-1(c)

¨

Rule 13d-1(d)

*The remainder of this cover page shall be filled out for a
reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment
containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page
shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”)
or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however,
see the Notes).

This Schedule 13G is filed on behalf of
the following persons (the “Reporting Persons”):

(i)

NB Public Equity K/S

(ii)

NB Public Equity Komplementar ApS

(iii)

Cora Madsen

(iv)

Florian Schönharting

(b)

Address or Principal Business Office or, if none,
Residence:

The business address for each of the Reporting Persons
is Østergade 24A, 1, 1100 Copenhagen K, Denmark.

(c)

Citizenship:

See Item 4 of the attached cover
pages.

(d)

Title of Class of Securities:

Common Stock, no par value (the “Common
Stock”)

(e)

CUSIP No.:

67001K202

Item 3.

Not applicable.

Item 4. Ownership

The aggregate number and percentage of shares of Common Stock
beneficially owned by the Reporting Persons is as follows:

(a)

Amount beneficially owned:

NB Public Equity K/S is the beneficial owner of an
aggregate of 1,890,525(1) shares of Common Stock.

NB Public Equity Komplementar ApS is the beneficial
owner of an aggregate of 1,890,525(2) shares of Common Stock.

Cora Madsen is the beneficial owner of an aggregate
of 1,890,525(3) shares of Common Stock.

Florian Schönharting is the beneficial owner
of an aggregate of 1,890,525(4) shares of Common Stock.

CUSIP No. 67001K202

SCHEDULE 13G

Page 7 of 9

(b)

Percent of Class (5)

The amount beneficially owned by NB Public Equity
K/S represents approximately 9.9% of the total issued and outstanding shares of Common Stock.

The amount beneficially owned by NB Public Equity
Komplementar ApS represents approximately 9.9% of the total issued and outstanding shares of Common Stock.

The amount beneficially owned by Cora Madsen represents
approximately 9.9% of the total issued and outstanding shares of Common Stock.

The amount beneficially owned by Florian Schönharting
represents approximately 9.9% of the total issued and outstanding shares of Common Stock.

(c)

Number of shares as to which such person has:

(i) Sole power to vote or to direct the vote:
Each of the Reporting Persons has the sole power to vote or to direct the vote of 0 shares of Common Stock.

(ii) Shared power to vote or to direct the vote:
Each of the Reporting Persons has the shared power to vote or to direct the vote of 1,890,525 shares of Common Stock.

(iii) Sole power to dispose or to direct the disposition
of: Each of the Reporting Persons has the sole power to dispose or to direct the disposition of 0 shares of Common Stock.

(iv) Shared power to dispose or to direct the disposition
of: Each of the Reporting Persons has the shared power to dispose or to direct the disposition of 1,890,525 shares of Common
Stock.

(1) NB Public Equity K/S (the “Fund”) is the record
owner of 1,890,525 shares of Common Stock. The Fund is a limited partnership and NB Public Equity Komplementar ApS (the “General
Partner”) is its sole general partner.

(2) The General Partner has no ownership share in the Fund,
but is entitled to a management fee for the services provided to the Fund. By reason of Rule 13d-3 under the Securities Exchange
Act of 1934, as amended (“Rule 13d-3”), the General Partner may be deemed to be the beneficial owner of the securities
held by the Fund.

(3) Cora Madsen is a director of the General Partner and in
this capacity has the legal power to vote or dispose of the Common Stock beneficially owned by the Fund. Therefore, by reason of
Rule 13d-3 Ms. Madsen may be deemed to be the beneficial owner of securities held by the Fund. Ms. Madsen has no ownership interest,
neither direct nor indirect, in the General Partner.

(4) Florian Schönharting is a director in Nordic Biotech
Advisors ApS, which owns 100% of the shares of the General Partner and is an indirect investor in a limited partner of the Fund.
As such, he may be deemed under Rule 13d-3 to be a beneficial owner of the securities held by the Fund.

(5) Based on 18,932,230 shares of Common Stock outstanding as
of November 5, 2018, as reported in the Issuer’s Form 10-Q filed with the Securities and Exchange Commission on November
13, 2018.

CUSIP No. 67001K202

SCHEDULE 13G

Page 8 of 9

Item 5. Ownership of Five Percent or Less of a Class

Not applicable.

Item 6. Ownership of More than 5 Percent on Behalf
of Another Person

Not applicable.

Item 7. Identification and Classification of the Subsidiary
Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person

Not applicable.

Item 8. Identification and Classification of Members of the
Group

Not applicable.

Item 9. Notice of Dissolution of Group

Not applicable.

Item 10. Certifications

By signing below I certify that, to the
best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with
the effect of changing or influencing the control of the issuer of the securities and are not held in connection with or as a participant
in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

CUSIP No. 67001K202

SCHEDULE 13G

Page 9 of 9

SIGNATURE

After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement is true, complete and correct.

Dated: November 19, 2018

NB PUBLIC EQUITY K/S

By:

NB PUBLIC EQUITY KOMPLEMENTAR ApS,

its general partner

By:

/s/ Cora Madsen*

Name:

Cora Madsen

Title:

Director

NB PUBLIC EQUITY KOMPLEMENTAR ApS

By:

/s/ Cora Madsen*

Name:

Cora Madsen

Title:

Director

/s/ Cora Madsen *

Cora Madsen

/s/ Florian Schönharting*

Florian Schönharting

*By:

/s/ James E. Dawson

James E. Dawson, as attorney-in-fact

Exhibit 99.1

Joint Filing Agreement

The undersigned
hereby agree that the foregoing Statement on Schedule 13G with respect to the shares of Common Stock of Novelion Therapeutics Inc.,
and any further amendments thereto executed by each and any of the undersigned, shall be filed on behalf of each of the undersigned
pursuant to and in accordance with the provisions of Rule 13d-1(k)(1) under the Securities Exchange Act of 1934, as amended.